LL.B. (Three Years) Sem 6 Law of Insurance May 2023 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Please check if you have received the correct Question Paper; 2. Answer all Questions as per the instructions given; 3. Do not reveal your identity or put any signs, markings, inscriptions anywhere on your answer sheets.

SECTION I - Q.1: Answer in one or two sentences (20 Marks - 2 marks each)

1. Q1 What is Disability Benefit?
2. Q2 What is Double Insurance?
3. Q3 What are Maritime Perils?
4. Q4 State the 'Principle of No Fault' under Public Liability Insurance Act, 1991.
5. Q5 What is Days of Grace and Lapse of Policy?
6. Q6 What is Voyage Policy?
7. Q7 What is Knock-knock agreement under Motor Vehicles Act?
8. Q8 Who is insurer and insured in a Contract of Insurance?
9. Q9 What is General Insurance Business?
10. Q10 What is a Life Insurance Contract?

SECTION II - Q.2: Write short notes on any four of the following (20 Marks - 5 marks each)

1. Q11 Motor Accident Claim Tribunal.
2. Q12 Doctrine of Subrogation.
3. Q13 Proximate Clause.
4. Q14 Classification of Marine Policies.
5. Q15 Voyage Deviation.
6. Q16 Benefits of Insurance.

SECTION III - Q.3: Answer any two of the following (12 Marks - 6 marks each)

1. Q17 Mr. K and his wife each signed a proposal for a Joint Life Policy on their lives and both contributed towards the premium. After the policy was taken, the wife committed suicide and the husband claimed the sum assured. The Insurer alleged that at the time of taking the policy, the husband had no insurable interest in his wife's life. (i) What is insurable interest? (ii) Does the husband have insurable interest in the life of his wife? (iii) Is insurable interest a statutory requirement under the Insurance Act? Why?
2. Q18 Mr. A was settled in Mumbai with his wife and two children. Mr. A insured his life and nominated his policy in the favour of his father. Mr. A was suffering from Heart problems which was not disclosed to the Insurer. Due to sudden Cardiac Arrest, Mr. A passed away. After the death of Mr. A, his widow and children, claimed their shares of the sum assured from the Insurer as legal heirs of the assured. (i) What is nomination? With respect to relevant provisions of Insurance laws, discuss the rights of the nominee as to the claim after the death of the assured? (ii) Who will get the sum assured in the aforementioned case? (iii) Discuss the liability of the insurer in the above case.
3. Q19 A marine insurance was taken to prevent the loss suffered from the peril of the sea. In course of the voyage, the ventilators of the ship were closed to prevent the entry of the sea water and rain coming in during heavy weather and this closing of ventilators damaged the property due to excessive heat. Discuss the liability in the matter.

SECTION IV - Q.4: Answer in detail, any four (48 Marks - 12 marks each)

1. Q20 Discuss the role, power and functions of IRDA.
2. Q21 Explain the salient features of Public Liability Insurance Act, 1991.
3. Q22 Explain the concept of Seaworthiness of Ship.
4. Q23 What are the essentials required for Fire Insurance Contract?
5. Q24 Difference Between Assignment and Nomination.
6. Q25 What is Social Insurance? Explain its significance and discuss its various forms.

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